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Posted by sengsational on November 17, 2007, 1:32 pm
I just started a book that talks about how 401(k) fees are really
outlandish for a lot of people, especially those in smaller
companies. I got ripped off when a small company that I worked for
(Osprey Systems) closed it's 401(k) after getting bought-out by
another company (NIIT USA, Inc) and spread the excessive lawyer fees
back onto all of us who didn't have inside information to get out
before the liquidation.
Anyway, the book, called "Stop the 401(k) Rip-off!" by Davide B Loeper
outlines a plan for folks to push their employers to challenge high
fees, which seems reasonable. I can't recommend the book, since I
haven't read it yet. The reason for the post was to ask if anyone
else has heard of this book, and especially HOW they GOT the book.
Here's how I got my copy of the book: It just showed-up on my
doorstep!
Usually, when I get "something for nothing", I'm very suspicious.
That's primarily why I'm writing this post. The book showed-up with a
note that said "As a reader of financial books and publications, the
enclosed book has been sent to you compliments of Wealthcare Capital
Management through Amazon.com". Well, I don't get a single financial
book or publication, with exception of statements from my financial
institutions. I'm signed-up for a weekly email newsletter from
eMarotta.com (which I can recommend, by the way), but I don't think
George and company have my physical address. So it's a mystery as to
how I ended up with the book. But a hint follows...
The book has four business reply cards bound into the book that can be
used to send a free copy of the book to your "troops" or other people
in your company that you think might help you fight the battle of high
401(k) fees. One is specifically for the HR/Finance guy in your
company. Although the card has a place for the name of the sender,
the message I got was just a billing address which matches the one
found under the "investor relations" heading of financeware.com (part
of Weathcare Capital Management).
Finally, if after I check my own company's 401(k) expenses using
expense ratios plus the data on the summary annual report and clear
them of any problem, if anyone here would like to go on a crusade in
their own company, I'll fill a card out for you.
I still haven't figured out the motivation for these guys to give away
free books, so if folks have a theory there, why don't you lay it out
in a follow-on post.
--Dale--
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